IL HB0148

Creates the Scholars of Service Act to establish a public service student loan forgiveness grant program administered by the Illinois Student Assistance Commission.

Provides grants to Illinois residents who were enrolled in the federal Public Service Loan Forgiveness Program, made 120 qualifying monthly payments, and were denied federal loan forgiveness.

Requires the Commission to first assist eligible applicants in accessing any available Illinois loan forgiveness programs, then award state grants to cover remaining federal student loan debt.

Establishes the Scholars of Service Fund as a special state treasury fund to support grant awards under the program.

Requires the Commission to report to the Attorney General if it finds that a student loan servicer negligently or intentionally misled an applicant in a way that caused their federal loan forgiveness denial, allowing the Attorney General to pursue legal action and deposit recovered funds into the program fund.